As a seasoned researcher with over a decade of experience in the volatile world of cryptocurrencies, I’ve seen my fair share of ups and downs, hype and disappointment. The latest development in the crypto sphere, Ripple’s upcoming stablecoin RLUSD, has piqued my interest, to say the least.
Over the last several months, there has been significant anticipation within the cryptocurrency community, particularly among XRP supporters, regarding the debut of Ripple‘s stablecoin, known as RLUSD. As per recent updates, including statements from Brad Garlinghouse, CEO of the crypto company, the release of this new digital equivalent to the U.S. dollar might occur within a few weeks.
For now, however, Ripple USD is still in beta testing.
In the current stage of the debut of this digital asset, the most recent event was the destruction of 24 units of RLUSD on the XRP Ledger (XRPL) and 64 units on the Ethereum network. It was also made clear at this time that Ripple’s stablecoin will function concurrently on both chains.
🔥🔥🔥 64 #RLUSD burned at RLUSD Treasury.
— Ripple Stablecoin Tracker (@RL_Tracker) September 22, 2024
The senior leaders at the cryptocurrency firm are open to the idea of expanding onto different platforms, but they have not specified the scale or if it will be a limited release at this point in time.
$2.8 trillion market
It’s clear that Ripple intends to capture a significant portion of the anticipated $2.8 trillion stablecoin market by 2028, which is quite substantial even though the total value of the cryptocurrency market currently stands at approximately $2 trillion.
It’s intriguing to observe how Ripple USD progresses during its beta testing phase. In an effort to enter the market with utmost assurance, Ripple is focusing on perfecting the process of creating and destroying tokens as much as they can.
Navigating the stablecoin market can be treacherous; losing user confidence often makes re-establishing it an uphill battle.
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2024-09-23 15:26